Evolution is key to just about everything, and it’s not limited to the natural world either. In business we need to evolve to stay ahead of the market, to develop new trends and to keep the lifeblood of a business flowing. Most importantly, we need to know how to evolve our business practices to retain our most precious present employees, and to attract future employees, filled with fresh energy and new perspectives.
“Millennials are the driving force behind this contemporary intra-European mobility, with more and more young expats in Europe seeking new academic and professional experiences elsewhere.” Salvatore Orlando, BNP Paribas Fortis
The idea of “work” and “working spaces” is changing rapidly, and a business needs to keep abreast of what attracts new staff and what keeps them content to ensure their business stays afloat. ReLocate brings you an amalgamation of two reports, both entailing information crucial to the attraction and retention of staff. The first report being a survey on students and young professional expats by BNP Paribas Fortis, understanding the motivations behind their want or need to relocate based on their job prospects gives businesses an insight on how to position themselves to attract the best staff. The second report is a Global Talent Trends Study from Mercer, an innovative group that uses analysis and insights as catalysts for change within organisations. Their report details the steps employers need to take to ensure they are retaining the best employees and explains how we are moving forward into an era of fierce competition between businesses for talent like we’ve never seen before.
Looking back: what motivates students and young professional expats to relocate? – BNP Paribas Fortis
Understanding what motivates students and young professionals to up sticks and move their whole lives to another country is key in attracting the best talent. Knowing what the driving factors behind their decisions are enables companies to put in place the most effective recruitment campaigns and attractive employment policies. “Millennials are the driving force behind this contemporary intra-European mobility, with more and more young expats in Europe seeking new academic and professional experiences elsewhere,” states Salvatore Orlando, Head of Expatriates at BNP Paribas Fortis. Despite big changes in UK and American approaches to immigration these past months, the professional market in Europe is still open to vast levels of mobility. The survey was executed by the Think Young think tank, founded in 2007 and focuses entirely on young people, providing decision makers with high quality research on key issues affecting millennials.
MOTIVATION TO RELOCATE – MOST SPECIFICALLY TO BELGIUM
Just over half of students polled stated that the main reason for leaving their home country and relocating to Belgium was dependent on the opportunity offered by university or school in their home country. A further 39% cited experiencing another culture was enough for them to want to leave home. Learning a new language or developing existing language skills was the key factor in motivating 39% of those who responded. The final outstanding motivating factor in students deciding to relocate to Belgium was that they felt that the move would have a positive impact on their CV and would then in turn maximise their career opportunities.
The results of this survey on young professionals are much more defined, with a massive 80% of respondents stating that the move to Belgium was wholly based on the career opportunities here. Half of those surveyed cite personal development as a driving factor in their decision to move. While motivations such as learning another language, the standard of living or quality of life and indeed even financial reasons are way further down on the list. Andrea Gerosa, founder of ThinkYoung sees the clarity in the results: “It’s a meaningful move, driven not by the desire to have fun but by the willingness to learn more, improve skills, and enhance career opportunities.”
What does this mean for employers and educational institutions?
Employers and educational institutions have the hard task of pre-empting students and young professional’s career aspirations, and ensuring that they provide clear opportunities for career progression.
Educational institutions need to ensure that the courses they offer contain the latest curriculum developments, and that these are transferable should their students wish to change track – as students often do. Universities and colleges should do their best to attract the best teaching staff that employ modern teaching methods that are also tried and tested. It is also important to offer a wide variety of extra-curricular programmes where students can employ their talents in a more practical environment, gaining them valuable experience for their future in the workforce. Scholarships also ensure that students from a wide variety of backgrounds are given the opportunity to learn, providing the learning environment with a variety of opinions and perspectives.
Employers can use this information to entice the best young professionals to their organisation. Providing potential young employees with clear paths of career progression through well thought-out organisational structures, allows each employee the chance to climb the ladder or explore other areas of the business. Progression isn’t always up, it can be left or right, and when employers offer flexibility, such as secondments to other departments, or other locations – this can be the deciding factor for a young professional full of enthusiasm.
Looking forward: what practices can we put in place to retain the best talent? – Mercer
There’s no denying that 2016 was a trying year in more than one area. With the uncertainty faced by the Brexit vote, the big change in American politics and constant conflict in the Middle East it is crucial that companies shift their focus onto their workforce, to care for the health and wellbeing of their staff. Technological advancements are also having a massive impact on the workplace, how we work, where we work and how we can balance that with enough “down time” are all changing our view of the world of work. On top of all this, Mercer reports that 92% of employers expect an increase in the competition for talent this year.
According to Mercer, these are the top six ways in which they feel companies are going to respond to these new challenges:
1. Attracting top talent externally
2. Developing leaders for succession
3. Identifying high potentials
4. Building skills across the workforce
5. Supporting employees’ career growth
6. Increasing employee engagement
FOUR TRENDS TO WATCH FOR IN 2017
1. Growth by design
It’s all about transforming the internal structure of organisations and ensuring that the “people agenda” is not overlooked. In Mercer’s Global Talent Trends Study they state that 93% of organisations are geared up for a reorganisation in the next two years. Those who aren’t already in the throes of redesign may be left behind.
2. A shift in what we value
If an employee feels undervalued, it is likely that their output will decrease and they will eventually look elsewhere when deciding upon their professional future. Mercer’s study reports that 97% of employees want to be recognized and rewarded for a wide range of professional contributions, not just sales targets or financial results. The rewards employees are seeking are not just fair and competitive compensation, they want more flexible work options, they want opportunities to get promoted, they want leaders who set clear direction, as well as peers that will challenge them and help set the tone for the future of the company. Knowing how to reward employees is key to holding on to them.
3. A workplace for me
When an employee feels that they are not just a number, they are more likely to produce work of a higher quality and also more likely to stay within your organisation. Being able to personalise your employees’ experience will bring significant advantages to your output and staff retention levels. One way for your employees to personalise their working experience is to introduce flexible working options. Mercer’s study showed that the majority of employees want more flexibility within their roles, however not all organisations are as flexible as their employees would like. 1 in 3 employees indicated that they had requested a flexible work arrangement in the past, however they were turned down. Further to this, 1 in 2 employees expressed some concern that working part-time or remotely would negatively impact their promotion opportunities. There is clearly more work to be done here.
4. The quest for insight
Companies are collecting more data from both candidates and employees than ever before, Mercer questions how this data can be better used to gain actionable insights – we don’t seem to be using the data to the best of its abilities. Mercer states that even though many organisations around the globe are collecting data, very few are able to translate the data into predictive insights. Just 1 in 4 are able to produce basic descriptive reporting and historical trend analysis. Looking forwards, predictive analytics – such as identifying which employees are likely to leave – would be incredibly valuable however less than 35% of HR leaders are able to provide this information.
It is an exciting time for the employment market. Organisations are redefining and redesigning their internal structures and the results will eventually be a complete overhaul of employment and work in general as we know it. Concurrently, employees are demanding more of their employers and the more vocal they are the better. The more transparent employment processes are employees can be assured of a better fit within the organisation and employers will then benefit from loyal, happy, engaged and steady employees. Workplaces are becoming not just a place where we feel obliged to show up to within certain timeframes, they are morphing into fluid and flexible spaces where our talents are nurtured, our contributions are valued and we work together towards a future that we are all content to be a part of.
TOP TIPS TO WIN THE TALENT WAR
• Promote a contribution culture where everyone feels welcome to give input;
• Focus on the “whole person agenda”, including health and wealth benefits;
• Define exciting career paths for a positive impact on retention;
• Take a chance on non-traditional talent who have potential but not experience;
• Mitigate risk by building a diverse port-folio of skills and a culture of innovation;
• Create a sense of belonging that resonates with your diverse workforce.